GUIDE FOR

Home Buyers

Let me help you buy your dream home.

Journey of
Home Buyers

Buying a home is a very serious and complex financial decision that must be made carefully. It’s important to be prepared and organized. Whether you’re a first-time or an experienced home buyer, a good place to start is by gathering all the information you need before heading to a real estate agent.

My mission is to make your home buying experience a pleasure and an educational adventure, so that you can make informed decisions.

Buying a house is a big investment. It’s not something you want to do on a whim, or without proper planning. But it doesn’t have to be a daunting process.

The Home Buying
Process

Securing your
finances

Using a mortgage calculator; you can draw up an estimated budget based on your income, savings, debts and financial commitments as you should be able to pay your mortgage every month. You also want to have some cash in hand for a down payment and closing costs as you will be required to put a 3.5-20% down payment depending on which loan type you get.

Apply For a
Mortgage

First, you need to determine how much money you can comfortably borrow for your business. Once you have determined how much you can afford to borrow, you can then approach a lender and ask them for a pre-approval letter. This letter is important because it lets you know how much you could borrow if you decide to borrow.

Time to go
House shopping

As you start looking for homes, you can save your time and effort by finding homes in your budget. Look for homes online, use your real estate agent to find listings you like, and have your real estate agent show you listings you’re interested in. When you find a good match, your real estate agent will help you decide and make the right offer. The seller can either accept your offer or respond with a counteroffer. You can continue to go back and forth with the seller or accept his counteroffer and make it a deal. If all goes well, the contract will be signed, a down payment will be made, and the escrow will be closed.

Have the property
Inspected

Once you’ve closed escrow, you’ll need to work with the lender you pre-qualified through. Your real estate agent can walk you through the application process, providing the required documentation, and verifying the information you provided. You have between 30-60 days to fulfill your purchase contract, so you have to move quickly to get the deal done. You also want to invite a professional to inspect the property for quality and safety. You’ll want to look for a trained inspector who is thorough, and won’t miss any problems that might cause a delay in your escrow closing.

Close, move into
Your new Home

Once you get approved for a mortgage, a home inspection doesn’t reveal any significant issues that would cause you to cancel the contract, and nothing falls through at the last minute, then it’s time to close the deal. Closing includes signing a lot of paperwork, double checking everything, and transferring the funds. Once the funds are transferred to the seller, the home is yours. Granted, if there was an occupancy agreement in the contract, then you need to wait until after the home is yours before moving in.

Preparing
To Buy

Check your
Credit score & report

Your loan terms will be greatly influenced by your credit score. You can get pre-approved with creditors with a credit score of 640 or better, but some creditors even have programs that can get you pre-approved if your credit is as minimal as 580. Pay off any significant open collection accounts and save payment evidence to send to your lender. Make on-time payments on all of your bills and bring down your credit card debt. After a bankruptcy is discharged, you must wait two years before applying for a mortgage.

Get
Pre-approved

Pre-approval indicates that you are qualified for a loan as long as your credit score is good and your financial condition does not change right before you receive the loan. This is an extremely important element of the home-buying process since it provides you with greater credibility with the seller. It’s important to understand the difference between pre-approval and pre-qualification.

Hire a skilled
Real Estate Agent

You can’t navigate the property market without making errors that you wouldn’t make if you had the help of a real estate professional. You’ll need a real estate agent that knows their or her apples, is familiar with the area you wish to live in, and understands how much houses are worth. Remember that acquiring a property entails contracts, and contracts should be negotiated, in addition to assisting you in making accurate decisions. Your realtor will expertly negotiate on your behalf, ensuring that you receive the best possible terms, and explaining the contents of these contracts so that you are fully informed of what you are signing.

Buy the home
You can afford

Despite of what your ideal home is, examining your financial circumstances and purchasing a home you can afford prevents you from financial ruin. You don’t want to get evicted from your home because you can’t pay your mortgage.

Documents & Information
Required

Documents and information
For Pre-Approved

These are the documents and information you need for getting pre-approved

Proof of income/employment (30 Days of pay statements)
Bank statements (60 Days)
Two prior year W2 forms
Social security cards, valid ID such as drivers license
Good credit score 640 or higher some loans can be approved with a 620
Most Recent 401k or 403b statement (only if applicable)

Things To Avoid
Before Closing

Between the time you get pre-approved and your closing, there are 8 things you should avoid doing:

Don't purchase any new car or upgrade your lease.
If you want to shift industries or start a new business, don't quit your work.
Switching from a salary to commission-based employment is not a good idea.
Large amounts of money should not be transferred between bank accounts.
Pay all of your invoices on time, including those that are in dispute.
Don't get any new credit cards.
Accepting a cash gift that will be transferred into your account without first filling out the appropriate gift letter is not a good idea (However, you can acquire this information from your lender.)
Don't put the money into your bank account randomly or without documentation.

Meet Your
Agent

Ready to make the most significant financial decision of your life?

Speak to a savvy real estate agent now!

Kim Lee

READY, SET, MOVE

When your move in date is near, you’ll want to make sure to collect the proper information for the home to make your transition as smooth as possible.

Journey Of
Home Buyers

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